The LIC Jeevan Anand Endowment Plan is a great savings option for those looking for a long-term investment with the added benefit of life insurance. This plan offers a guaranteed return on your investment.
Jeevan Anand Summary:
Jeevan Anand is the combination of Endowment Assurance and a Whole Life plan. The risk cover will continue even after maturity, which means Zindagi Ke Saath Bhi Zindagi Ke Bad Bhi… Jeevan Anand plan no. 149 provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
For Example, Mr. Pankaj, age 25 years, takes Jeevan Anand’s policy for 25 years for Sum Assured Rs. 1 lakh. Now on Maturity Pankaj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)
In case, Mr. Pankaj dies ( After the premium paying term is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to the sum assured amount. Since Mr. Pankaj has already received the bonus, LIC will not pay a second-time bonus.
In case, Mr. Pankaj dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (sum Assured) + Accrued bonus till Mr. Pankaj’s death.
Jeevan Anand Key Features:
- LIC Jeevan Anand is the combination of the Whole Life and Endowment Assurance plan.
- Even after the Premium Paying Term (PPT) is over, risk cover continues till the death of the policyholder.
- Accident Benefit is available during the premium paying term and thereafter upto age 70.
- Limited premium payments.
- Double accidental cover upto age 70.
- Tax Savings
Modes of Premium Payment:
You can pay the premium yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.
LIC Jeevan Anand Plan Premiums are limited. You only pay till the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of early death but also assures a lump sum at the desired age. The lump sum can be reinvested to provide an annuity during the remainder of the policyholder’s life or in any other way considered suitable at that time.
Premium Stoppage:
If payment of premiums ceases after at least 3 years premiums have been paid, a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
Bonuses:
Jeevan Anand is a with-profit insurance plan and participates in the profits of the Corporation’s life insurance business. You will get the profit in the form of Bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once the bonus is declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for a certain minimum period.
Maturity Benefit:
Sum Assured along with all vested bonuses payable at the end of the term to the policyholder.(Endowment term)
Death Benefit:
Sum Assured along with vested bonuses are payable on death during the premium paying term. An amount equal to the Sum Assured is payable if death occurs after the premium paying term. Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with a final additional bonus if any. No Bonus is paid on death after the premium paying term.
Accident Benefit:
Double Accident Benefit is available during the premium paying term and thereafter up to age 70. The maximum Accident Cover available under this plan will be Rs 5 lakh (this limit excludes accident benefits taken under other plans).
Also, Check: New Jeevan Anand Plan
In case of permanent disability of the life assured due to an accident, this additional Sum assured is payable in installments.
Jeevan Anand Eligibility Conditions and Restrictions:
- a:) Minimum Entry Age: 18 Years completed
- b:) Maximum Entry Age: 65 Years
- c:) Max. PPT Mat. Age: 75 years
- d:) Min. Premium term: 5 yrs
- e:) Max Premium term: 57 yrs
- f:) Minimum Sum Assured: Rs. 1,00,000/-
- g:) Maximum Sum Assured: No Limit
- h:) Risk cover: Sum Assured + Bonus
- i:) Loan on policy: Available
- j:) Housing loan: Available
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.
Also Check: Jeevan Saral – Most popular Endowment plan
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid, and premium(s) towards Accident Benefit are also excluded.
LIC policy on surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
Who should buy Jeevan Anand policy?
Since Jeevan Anand is an endowment assurance plus whole life policy, this plan is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
Update: Jeevan Anand Plan No.149 Has Been Discontinued.
Dear sir/mam ,
my date of birth is 01/07/1975, I want to open a policy of Jeevan anand, what is my minimum premium per year? including table
policy term –
1. for 15yrs
2. for 20 yrs
& I want to know the exact amount that I will get on maturity of the policy. If you can please reply in my mail id. Waiting for your reply.
Thanks.
Sir My date of birth is 01-07-1975 and I want know about Jeevan Anand policy, what will be the amount of the premium per year if I will do for either 1 lakh or 2 lakh Also tell me the exact amount that I will get on maturity of the policy. Waiting for your reply.
i want to invest Rs 43000 per year(primyem) in jeevan anand policy till up to 30-31 year.plz send me tabuler calculation chart on my id.
I got policy for Rs 3000 every month for 16 years. I hope this must help. Seems like a good scheme
Dear sir/mam ,
my date of birth is 27/03/1984, I want to open a policy of Jeevan ananda , what is my minimum premium per year?
policy term – 10yrs
& I want to know the exact amount that I will get on maturity of the policy. If you can please replay in my mail id. Waiting for your reply. Thanks in advance.
Hello Sir/Madam,
date of birth –27-03-1984
LIC joined – 21-05-2010
Premium term – 16yrs
Sum Assured:Rs. – 1,00,000/-
prem. Rs. – 1331/-for QTR
My policy No. -219465103
Policy – LIC new bima gold (plan no. 179 )
Please let me know, how much money I will receive on maturity?
sir,
My age is 34 Year
I want to make my policy(Jeevan Anand Endowment Assurance and Whole Life plans) for 22 Years.
I can pay a premium amount up to 25243/-rs per annum.
You are requested to kindly give me followinf details:-
1.how many lakhs policy I will get ?
2.After maturity What amount lic will paid to me?
Regards
Sidhartha
sir,
i just want to know that after getting the benefit of jeevn anand policy at the time of matured. the rest period up to 70 years i get benfit or not or if i want to close the jeevan anand policy after maturity, i get amount or not ?
Sir/ Madam
My details are as under:
Name: Rajeev Sharma
Date of Birth: 10-07-1967
policy No. 153343736 Plan 149 58-21
date of commencement: 28-05-2009
date of maturity: 28-11-2029
sum assured: 3,00,000/-
hly instl. 8852/-
on this detail I want to know that what amount I will get at the maturity of policy and at my age of 62 years and after that
With ref to your response on my comment dated June 2nd –
What are the advantages/ disadvantages of paid up ?
What is the procedure of paidup ? I checked it up with my LIC agent and he doesnt know.